That deletes consumer industrials from his list. Materials are off the list as well.

Maneuvering the Market

How to play this market now, with Jack Ablin, Harris Private Bank and David Kelly, JPMorgan Funds

"Consumers are going to continue to buy cigarettes, beer, and toothpaste," he said, referring to things they can buy with cash. "These companies do not rely on the capital markets to fund themselves, and their revenues are pretty insensitive to the vagaries of the economy."